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South Africa Consults On Voluntary Disclosure Program

by Lorys Charalambous, Tax-News.com, Cyprus

19 April 2016


The South African National Treasury and the South African Revenue Service are inviting comments on the details of the special voluntary disclosure program (SVDP) that was announced on February 24 in the 2016 Budget.

With the 2017 deadline for the international exchange of tax information through the OECD's Common Reporting Standard in mind, the 2016 Budget specified that additional relief will be offered to non-compliant taxpayers to voluntarily disclose their offshore assets and income. The SVDP will run for a period of six months from October 1, 2016, to March 31, 2017.

Parliamentary approval is awaited for the 2016 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill, and for the 2016 Draft Rates and Monetary Amounts and Amendment of Revenue Laws (Administration) Bill, which contain details of the SVDP. The Standing Committee on Finance in Parliament will shortly hold hearings on these Bills.

In anticipation of the hearings, comments are invited on the SVDP provisions. Such comments should be provided by April 29, 2016.

TAGS: individuals | South Africa | compliance | tax | business | tax compliance | ministry of finance | tax authority | offshore | Africa

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